US$1.5 Million Bridge Loan

• Gabriel Resources Ltd. secured a US$1.5 million unsecured bridge loan from insiders Electrum Global Holdings LP and Paulson & Co., Inc. on April 28, 2026.
• The loan carries a high interest rate of 12% per annum with maturity in April 2027 or upon completion of future financing.
• Proceeds are designated for immediate working capital and funding the application to annul an ICSID Tribunal award issued in March 2024.
• The transaction is classified as a related party deal, utilizing a "financial hardship" exemption from formal valuation requirements under Regulation 61-101.
• This follows a pattern of distress financing seen throughout 2025, including private placements and debt settlements to maintain operations while litigation costs mount.

• The news is not material in terms of value creation but is critical for survival; without this capital, the company faces immediate liquidity constraints given its C$17M working capital deficiency reported in Q3 2025.
• The high interest rate (12%) and unsecured nature indicate desperation rather than strategic growth, adding financial burden to an already cash-burning entity.
• Insider participation by Paulson & Co. suggests confidence in the company's ability to navigate the annulment process but does not mitigate the fundamental risk of the underlying ICSID award (~US$10M costs).
• The market likely anticipated this financing given the Q3 2025 results and ongoing cash burn, categorizing it as routine distress management rather than a positive surprise.

• Gabriel Resources Ltd. is a mining company focused on gold exploration in Romania (Rosia Montana Project).
• The flagship project has been stalled due to legal disputes with the Romanian government regarding environmental permits and expropriation claims.
• Current operations are minimal, primarily sustaining the legal defense rather than active production or development.
• The company holds no significant revenue streams, relying entirely on financing to fund its existence and litigation strategy.